Thursday, June 19, 2008

Experts Say Getting Rid Of The Enron Loophold Could Reduce Gas Prices As Much As 25%

What the hell is going on here? If getting rid of this legal loophole would reduce gas prices from $4.50 a gallon to $3.40 why isn't our hair on fire demanding action?

Am I missing something here? Experts say that the elimination of so called Eron loophold would reduce crude oil and gas prices by as much as 25%. The loophole allows for the lack of regulation of gas and old traders who then are free to speculate on oil futures in a way that forces up the price and brings them more profit. Keith Olbermann report last night left me ready to upchuck my dinner.

Whoops: Apparently congress did pass legislation to remove the Eron loophole as part of the recent farm bill. So the question now is when do we see the reduction in price?